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>> in order to address issues going forward, both because of potential actions of their conscience country nations will take the better state department to deploy those of standing up for the general program will utilize. what are the standards put in place and tell me what that regime looks like i'm worth a come from? >> these are great questions. i spent four years as legal advisor with european allies, some of the nicer representing different embassies, listening to the bishop ministration explain what it is doing, which appear to be improper was actually lawful and the obama
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administration never expected to be the same position of allies around the world accusing it of illegal activity frankly needs to go to the same effort now and the rules would be to say it's not to stare at the treaty. this is too difficult to negotiate a treaty, but to agree on legal principles such as a country can use lethal force against a terrorist in another country whose threat and attack if that country is unwilling or unable to prevent that thread. in most cases around the world, the countries are able to prevent that thread. they can arrest the person. but in four or five countries, yemen, somalia, pakistan want to get countries around the world to acknowledge the united states right under international law to use force to kill someone in
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another country who is posing a threat when it can't be addressed in another way. we can get there, but they're just not going to agree to our position unless we go through aggressive international legal diplomacy. it's a great kind of questions. >> and they are the likely position that some would take the point to this hearing and the debates in this country? or have a hard enough time coming to terms with this idea that the very earliest stages of the potential that drones will offer. there have been a hard nut time coming to terms under our constitution and now we'll have a a broader discussion internationally and you'll suggest doing so we should and should do? i'm not sure we are quite at the
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point where the conversation can place. >> is very difficult. the administration spent a long time trying to explain to people while it was lawful to detain people. most other countries have been a minute, you can't hold someone without trying to. that is the basic elements of due process. this is much more aggressive. they're killing non-and so we need to work hard to explain if a country committed to the rule of law to other countries should look to us for our example why what were doing is in fact legal. it's important to have this hearing here, but we need to go on the road and explain my sleep under international rules. >> i thank the gentleman for the questions and the time is expired. the gentleman from florida, mr. desantis is recognized for five minutes. >> thank you, mr. chairman. cinematical for your testimony. i guess i disagree with sure
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your essay showing the doj announced his essay on we save significant grounds, but they don't say they can't go beyond that or that there's going to be more otherwise. do you all agree with the fact that they based their analysis not simply on the survey, the basically article to in article li authority that if he didn't have the aumf authority we can engage overseas? >> the administration would overstate the position that it has authority under article li to defend the country against an imminent threat. that leaves open the question, but to the extent tomorrow, hezbollah presents an imminent threat, though it's totally outside the aumf, the administration would start you assert the authority as a matter of article li and a domestic
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level under articles two to counter that. >> if it was an imminent threat such as libya, no congressional authorization to get engaged in libya. and some of the things that aumf is important. would you do with these issues in a civil context, the fact this congress has authorized that means a lot. i guess the logic of the analysis although it only applies in context. you do have to make analyses for different facts, so my question, we conservatives are trained to. no aumf for libya? it was an international coalition. if there was an american citizen to travel to algeria join the pro-gadhafi army said it was a major durational leader
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preannouncing to libya were straight out of the persistent, but american forces and allies. based on the memo, dated it would've been justified justified or this provides justification to engage in that instance? >> the answer to the memo probably not because the person would not be a senior operational leader person eminent threat of violence to the united states. >> my question is the logic of what they're saying, why is it so port if the aumf is not critical, al qaeda versus someone fighting gadhafi. it's very logical distinction distinction between those two if you don't think the bellinger is critical? >> this administration is relying only on the aumf. a lot of this water 12 years later how it could be all of those in different countries around the world who may have only been 10 years old in 2001
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still falls under the aumf. it's a good set of questions as to whether this administration would remind the president constitutional authority to strike somebody who did not fall in the aumf. >> in addition to the authority arising, the use of force against al qaeda is lawful owners of their principles including the president president's constitutional responsibility and the inherent right of self-defense. the question fna situation like libya for its intervention in choice probably didn't propose a threat to the united states. how does this remark apply to american citizens? >> even then, suppose we had a regiment of fighters air force
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base in libya, presumably if an american citizen is to algeria to take up arms on pro-gadhafi forces, it involves an attack on u.s. military forces who are involved in stationary. >> i agree with that. but not necessarily while attacked. somebody across the border do with logistics. >> we haven't talked a lot about international law, it is very relevant whether what was true in libya was a non-international armed conflict that would justify military force. you have domestic law problems and very serious international problem city was not part of the larger part. >> may have some into that equates one of the oddities of the white paper and i think it's a very ripe area to follow-up is exactly what work the word imminent is doing.
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it's not clear from reading the white paper whether the word imminent is in his tent to get over domestic constitutional hurdles, whether it comes to international law or whether it is an attempt to get around domestic criminal prohibitions as an affirmative defense in criminal prohibitions or whether it flows and some other neat. it's simply there is an apparently self-imposed complain and it's not clear what legal problem it's designed to solve. some of the questions you asked would be different depending what were the word imminent is doing. i talk about this in my written statement, but it's an area with this committee pushing the administration's clarification.
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>> thank you and a thank you, mr. chairman. >> the chair recognizes the gentleman from texas, mr. komar for five minutes. >> thank you, mr. chairman. this is an exceedingly tough it. we appreciate your being here today. obviously the justice department folks are busy doing something more important than having oversight. i wish they didn't need it. all these issues are deeply troubling and i like my friend former judge ted poe, but the lever and due process. we're talking about an imminent attack is one of the issues and we had a lot of people who brought up the issue of how lucky he is killed in yemen, but i think it's good to look at what it scenarios before those
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scenarios actually happy. we know how lucky that bears for staffers on capitol hill. we know he was probably not done in the united states. can you foresee a time when someone like al-awlaki on a hit as finishes registering in yemen and the dog is back in the united states? if there is concern that imminent attack yemen, could there be the same concerns? when would it then be possible for someone on the hit list, as al-awlaki to be hitting the
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united states proper? >> sera, the al-awlaki case will someday be the subject of a truly wonderful book. it's a very complicated and interesting history. i think of him where row of hockey made it back to the united states, i don't think there is dispute about anybody have spoken to the proper way to handle and would've been for the fbi to arrest him and be prosecuted in a u.s. federal court. >> my question is not about what was proper. it is about the possibility of someone on a hit list be done back in the united states. he was arrested in 2002 at dulles international airport. he was arrested as you talk about, but it's a very close to the clinton administration and worked with the bush administration and yet we find out he was involved in supporting terrorism
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internationally, surrogates arrested in noticing 23 years of prison. i'm asking what could be the prospect that somebody get back in the country and from a political standpoint, their arrest could potentially, like 79 if he started talking about the people he worked with on capitol hill, the people he met with then work with obviously would be very politically very same. what if you have hypothetically someone working closely with the president. we know we had a number of a known terrorist organization he did in the white house last year, even as secretary napolitano is sitting where you are could not answer she even if i was happening when it is in the papers. by the time she gets to the senate, she said the check was fêted three times.
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there were things that could end up high politically proving if somebody gets back in the 90s state, someone might look for a way to see they never testify. we are talking hypothetically, but i wanted to know the possibility something like that could have been. so that's my question. >> sera come to nothing in white paper and attorney general speech with stress that would be lawful and i would hope underrated evisceration, republican or democrat faces such a situation would behave like patriots and proceed according to the law and the constitution and i would hope this committee in the event that did not have been considered under his impeachment power. >> and what could the justice department can to participate, then what? refinement in contempt and it goes to the u.s. attorney and
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its inhabitants as just happened last year? any other comments from anybody else? this is a real issue because not everybody under political pressure xip treats. >> is quite clear is unconstitutional safely because the capture would be feasible. he may still be part of an organization come a senior leader and al qaeda what have you. >> what if there imminent attack planned. he hopes that the situation had been yemen and the need to take them out. >> the time of the gentleman has expired. >> thank you, mr. chairman. >> i thank the gentleman in the gentleman from florida, mr. garcia for five minutes. >> grow quickly, thank you, mr. chairman. what steps can the executive branch date to allow appropriate congressional oversight. and then i leave it to all of
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you. >> will just go down the line here. i mean, one night in the administration has made to be more open in their legal analysis. but it is disappointing -- were happy to be the second string to help you out, but i as a former government official think that it is incumbent upon this administration to go witnesses forward to explain and answer questions. fekete, i do think the executive branch could work with congress to crack a narrowly tailored for them to specify circumstances in which an american can be targeted in the notice process to congress. that would be to maintain the executive executive branch could do to work with congress on narrowly tailored legislation that does not tie the hands of the president. i will call back of each dish of
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review point fit in all these cases were talking about an armed conflict and the gentleman from texas and south carolina are no longer here, but we're talking about a situation that's really inappropriate to insert judicial review to tie the president pants. no one would've ever suggested before the president could order an attack against a german american who was a high-level german leader that one had to go to a judge before hand or after him to allow the german-americans family to come and have a judge perhaps tie the president's hands. >> active participation in oversight is critical, echo asserted that set on that point. boras earlier how much can insist they had on procedural issues driving all this.
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we have consensus that would be useful for congress to express it was going do so as to what the subsidy balance of targeting an american not to be. if this initiative with feasibility standard, this can be addressed. i don't think we have consensus to what extent judicial role is either necessary or permissible. i'm probably the one who's most in favor of a permissible role. steve is most in favor another thing that we have underway abuse here. >> one thing the industry should continue just to talk more and more about what the internal procedures using actually look like. so starting with the president's speech at the national archive in 2009 in particular the continuing through hiroko speech
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the following year in a series of speeches over the next three years relief, the administration talked a lot about the underlying nickel machine. not at the level of granularity people want a nicer it would encourage them to be more granular on that score. to me, the biggest hole is not ethical hole. it's a procedural hold and it goes to the question congressman nadler and i were discussing before. not the subsidy of content is who you can target. they've been pretty clear about that. it's what hurdles do you have to go through before you conclude somebody is in that basket at all. on this question makes it very, very little except to say repeatedly there are rigorous internal checks. but i would like to see them talk more about what this internal systems look like.
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almost everything we know about it is the result of press coverage and leaks. it's time for them to a something substantial to say on the subject. >> add-on of russia back to my colleagues other than the most interesting omission is the lack of any detail in a procedural process. if their streets and side effects and intelligence led us to discover this hack should be kept classified, that's one thing. i am by the bureaucratic process was undertaken at the executive branch in the hypothetical case is a matter of national security. >> you can imagine the problem is we argue about everything. the idea we would put some kind of process forward. i fully understand your point and as a lawyer i think it's necessary. the idea that process will be
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put forward to be analyzed in a vacuum but that the exigency of circumstances, some in there would be a debate -- i understand your wanting, but under the present climate it's just almost impossible. >> i did there's a lot of merit to that point and i also think there's additional factor not about this body, but the litigation environment the is in. one of the problem within the bureaucracy, people are constantly worried about incremental effects on foia litigation that every disclosure has and i think every time you consider singing acts, you know you're going to get a brief filed the next day that says you can now confirm acts, we want to ask. we need to figure out whether there's some kind of safe harbor
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we could create that doesn't actively discourage the administration making disclosures, particularly to this body. >> bbs so we should be working towards. i've listened to johnson tapes were towards the end of the war he got in this crazy habit is what this cabinet deciding what the bombs were going to land. it is just an insane process when you're engaged in war. i'm sure i don't have to make that point to all of you. likewise, you've watched the insane process we partake of here, where we argue how many angels fit on a. maybe you putting forward a process event would be acceptable if the president would engage in that, to be doing an argument for france on the right to look at all the due process these guys get. and a point side, that's not
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enough due process. of course the whole point of this business, which these are enemies of our country. we hope that someone is elected from our side or the other side that they use discretion of their office, which in this area tends to be pretty broad and more time with all the merit you'd expect someone who serves in that role. gentleman can you thank you for your fighting for these issues. it's important. >> mr. chairman, i yield back the balance of my time. >> i think gentleman in the chair is pleased to recognize mr. collins for five minutes. >> thank you, mr. chairman. i appreciate it. i think what is interesting is i agree with much of them in the media argue about angels on top of a.
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but we can't argue anything because justice chose not to show a good day for 50. they came, had an opportunity instead of engaging within the confines, they chose to take a pass. they chose not to come again. it's interesting your comments at the push of to me as my grandmother used to tell me, and if you criticize someone to hurt you might be their position one day. it's amazing what's happened now. what has been set on several occasions really highlights that. i believe the administration doesn't want a definition of imminent threat because at that point they have to define what is it going to be applied in the area? you don't want a feasibility of capture. i would tend to disagree if they were in the united states they can always fall back on feasibility and that would exempt them. i'm not so sure that's true, not
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in our society today. as we look at this, i do have the distinct concern of what is how long this white paper depended on his whole determination. how long do you feel -- how long can this administration keep this argument? how long will this last, especially when you shut down the war in iraq, getting ready to move out of afghanistan and as someone who's up in this area , and a brief answer, how long can they depend on this? the next haircut a couple years ago my colleague mr. bellinger wrote an op-ed and mr. transform myself just this week published a paper arguing that growing threats beyond aumf is making up for imperative congress look at this issue very seriously.
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>> the question determinant of whether it's before the action taken to the process of judicial review or post, which i have a question i get to in just effective. the issue that comes to my mind is we don't have this review right now. there is that secrecy. others say there's no one denying the article to privilege. what we have a real issue is here in the american people have a real issue with secrecy going on. explain what we do with american lives overseas and you have a process you say you have a process on, that's me going to make 14-year-old and say with your decision-making process? distress me. this is not what we can take. i do have a question if we do it
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after the fact. a problem with the fact they are dead. i see put in your paper, never make you whole. my question and you brought this up recently, we would meant that one of around my colleague from south carolina made this comment. if we did, let's play this out. if we did decide who is a file, my question is who would be appalled? what we see many tenses are going to throw the lowest person under the bus. he should have disobeyed. explain, what is the process? virtue sapping culpability and wouldn't stop at the president? >> it would depend on the decision-making process. i doubt it's nonexistent. it was very much depend on who actually was the one who made the decision that the legal air in it. we sat inside this guide only
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was that this guesthouse, that's enough to decide he's the senior operational leader of al qaeda. if i may just briefly, congress could write a statue of the damages piece would depend this at all. the purpose of the westfall lacked this to say when a federal officer is acting, the federal government is just doing his job. >> we now have a place in the price and how it will play out in administration politics on both sides. this is the concerning part. as they come to ending here i want to see it again as has been said any times before. the administration today had a chance to do what the president has said over all he wants to know pinette ministration which reflects priorities of this administration to his people. this is not happening. he took a four day today.
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if they said no i can't talk about that, we can talk about this, they can get with this committee and a classified level. simply ignoring a city committee and saying we've got other things we want to do, maybe there's other issues where pressing. i think the american people when they see this as a pressing issue because in the end -- he made a statement earlier this set is highlighted because we have one instead. do we really know we have one name? because we have not been able to see. that's the concern i have. and this is why this is important and this is that the committee oversight and needs to have the ministration actually show up to the game. with that, i yield back. ..
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in the meantime we probably will have additional questions for each and every one of you and so in a moment i will ask for unanimous consent to allow questions to you and we hope that we would answer those as promptly as you can. this concludes today's hearing and without objection all members will have five legislative days to submit additional written questions for that witnesses or additional material for the record and the hearing is adjourned.
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>> we cannot allow the carnage i have described to continue without taking action on what is a serious matter of public policy and that is why i have joined with many of my colleagues, some on this committee, senator schumer, durbin, whitehouse, klobuchar, franken, blumenthal and hirono as well as many others off the committee to introduce legislation to prohibit the sale, transferred, manufacture and importation of assault weapons and high-capacity magazines. as the members of this committee
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know, we enacted a ban on assault weapons and high-capacity magazines which i authored in the senate and senator schumer sponsored in the house in 1994. unfortunately the outlaw had a 10 year sunset and congress fail to renew it when it expired in 2004. since the ban expired, over 350 people have been killed with assault weapons. over 450 have been wounded. and the weapons are even more lethal today than they were in 2004. let me give you an example, and you can watch this on the screen. you can buy what is called a -- stock legally that you insert into an ar-15 or other assault rifles. this as i said is legal. it is not cosmetic and it allows a semiautomatic firearm to be
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fired as quickly as a fully automatic shotgun. excuse me, machine gun, which has been banned for decades. i would like to quickly show this weapon firing. with the slide in it. >> you see the slide working as it mimics an automatic weapon so it's got the versatility of low fire rates plus those high fire
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rates. and that is legal today. since the newtown massacre, several states, including california -- since the newtown massacre several states including californcaliforn iowa, delaware, maryland and new york have shown leadership in moving the two banning assault weapons or strengthen existing bans. even so, the need for a federal ban has never been greater. for instance, california law enforcement tells me that our state's assault weapons ban has been effective in reducing the availability of these deadly weapons but some criminals
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continue to acquire the guns from neighboring states like arizona where they are unregulated and as senator durbin stated at the last hearing, and i quote, in the last 20 years, 9% of the crime guns in the city of chicago could he traced to the state of mississippi end quote. it is clear that we need a national solution. let me describe briefly the key features of this new legislatios ban of 2013. the bill bans the sale transfer or importation and manufacture of 157 specifically named semiautomatic assault weapons. it ends any other assault weapon which is defined as semiautomatic that can accept a detachable magazine and has won military one military characteristic such as a pistol grip, barrel shroud or folding
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stock. these features were developed for military weapons to make them more effective and efficient at killing people in close combat situations. the bill prohibits large capacity ammunition feeding devices capable of accepting more than 10 rounds. this is a crucial part of this legislation. these large magazines and drums make a gun especially dangerous because they allow a shooter to fire 15, 30 and even 100 rounds or more without having to pause to reload. in many instances, like the tragic shooting of our colleague congresswoman gabby giffords in tucson arizona it is only when the shooter has to change magazines that police or others have a chance to take that shooter down. the bill also protects the rights of legitimate gun owners and will not affect hunting or sporting firearms.
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instead the bill protects legitimate hunters by specifically excluding over 2000 specifically named by make and model firearms used for hunting or sporting purposes. second, the bill will not take away any weapons that anybody owns today. anyone who says otherwise is simply trying to deceive you. instead the bill grandfathers weapons legally possessed on the day of enactment. finally while the bill permits the continued possession of high-capacity ammunition magazines that are legally possessed on the day of enactment, it would end the future sale or transfer of those magazines including the manufacture and importation for possession.
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>> at one point, steinbeck had to write a small paragraph that said basically, people are asking what happened to charlie. this was after his wife meet him in seattle and when he says we it's elaine and john. it's not charlie and john. and somebody must have said to
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them hey where is charlie? yes disappeared. steinbeck wrote about a page and a half of legal tablet saying people have asked what happened to charlie. when my lady fair join me in seattle charlie took his third position in the family and he is fine. bobby said that never appeared in the book because what they did is that editors when then and expunged elaine entirely from the west coast. almost 30 days of a elaine's presence with john on the west coast. they weren't camping out, they were basically on a vacation. >> the u.s. senate has approved the nomination of jack lew to the treasury secretary.
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today the nomination included the leaders on the finance committee. this is a half an hour. >> and president of america's first treasury secretary alexander hamilton once said, and i quote, the confidence of the people will easily be gauged by a good administration. this is the true touchstone. hamilton's words take on a new prominence as we task our next treasury secretary to gain the trust of the american people and restore confidence in our nation's economy. 19 of 24 senators on the senate finance committee voted yesterday on a bipartisan basis in favor of jack lew's nomination. senators on both sides of the aisle spoke to his character and his integrity, his well qualified as next treasury secretary and will work to build the people's confidence and historic trust and certainly in
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both our government and our economy, that will be his touchstone. i am certainly not alone in supporting mr. lew for the crucial role as administration is top adviser in economic policy. yesterday's overwhelmoverwhelming support for mr. lew came after one of the most thorough reviews of any candidate for the position. a process that included hours of interviews with mr. lew, examination of six years of tax records and more than 700 questions for the record. in comparison, the committee asked secretary geithner 289 questions and secretary paulson 81 and secretary snowe 75 questions. mr. lew has met personally with more than 40 senators since being nominated for treasury secretary last month and turn questions and addressing any concerns. throughout the confirmation process mr. lew has been open and transparent, and as i hope a
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boat in the senate will soon show he has gained the trust and the confidence of many in this chamber. mr. lew has a long and distinguished career focused on public experience in academia and on wall street. most recently he was a white house chief of staff. he has also served as budget director of the office of management and budget in the current administration and under resident clinton where i will note he helped guide our nation through one of the greatest periods of economic growth in america's history. mr. lew has also served in u.s. department of state. he deputy secretary for management and resources. mr. lew has demonstrated time and again that he has the experience and knowledge to help get the nations economy back on track. we need a strong man at the home to help tackle the many fiscal challenges we face in our nation and i believe jack lew is that
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man. just two days from now on march march 1, across-the-board budget cuts known as the requester will hit. $85 billion in federal spending will be slice from thousands of programs including medicare, rural development and early education. the nonpartisan congressional budget office predicts the cuts could slow the economic recovery and result in another year of sluggish growth of high unemployment. i firmly believe to cut our debt and get our fiscal house in order we know there are places to trim the. the american public knows that certainly. but we need to take a scalpel to waste and inefficiency and not allow the hatchet to hack into american jobs. our economy will be put to the test in just weeks when a continuing resolution expires on march 2027. we face a threat of a government shutdown. and on the horizon federal borrowing will be reached in
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late may. that will require another extension of the debt ceiling. madam president this is no way to run a country. congress has been lurching from one fiscal showdown to the next leaving the nation with uncertainty and the only way we will be a will to pass these budget battles is by working together. we all know that. we just have to start doing it. republicans, democrats and members of the house and senate need to work together to put in place policies that create more jobs and spark economic growth. it is deeds, not words. we have to start actually performing the deeds and working together. and they will need to work with mr. lew and with the administration to put the nations economic, put the nations economy back on track. we have to get off this rollercoaster. it's like a yo-yo. there is no stability.
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there is no certainty. going from one fiscal crisis to the next is undermining our economy. to give families and businesses certainty, we must agree on a balance plan to cut the debt that includes both revenue and spending cuts. the math will not work any other way. a long-term balance plan will bridge the budget battles and make progress towards solving our deficit problem. a balanced plan will also encourage businesses to invest and enable investors to return to the markets with confidence and most importantly put americans back to work in a growing economy. that is the bottom line, more good-paying jobs so business is higher and people can expand to get those good paying jobs. over the past two years at a standard weekly call with the treasury secretary geithner every week it was 9:45 on wednesdays and once a month we
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physically got together to go over things. no matter where we were or what we were doing we try to pick up to check-in and i must tell you madam president it was on a minute at 9:45. each of us knew the other would be there. senator geithner and i grew to become friends and trusted each other. our families do things together. it's that trust and confidence that so necessary and which is necessary to be working together to make things happen. the conversation proved invaluablinvaluabl e as we work to overcome numerous economic challenges. i continue the gout -- and have a standing weekly call with him in anticipation he will soon be treasury secretary and i'm going to keep it up. i know he wants to too. it's very heartening frankly. he has been open in respective because he wants to work with
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all of this, all of us in the congress to strengthen america's economy and create more jobs. he wants to do a good job and he knows he must talk with us and communicate with us in order to do that. working together will be key to promoting economic growth and stability. now if confirmed by the senate today, one of mr. lou lu's first acts as treasury secretary will be affixing his signature to all new federal reserve notes. i'm not sure people would be able to read his luthi signature it is an inside joke that sometimes people have a hard time reading his handwriting, but anyway his signature will be on his federal reserve notes and that loopy signature is described as looking more like like a stretched out slinky than a name. we will ask mr. lew. mr. lew promised the president if confirmed he will work to make at least one letter legible in order to not face america's
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currency and we will hold them to that promise. in addition to the signature of america's secretary-treasurer the front of every u.s. dollar bill has the seal of the united states treasury. look closely. you will see the symbols of balancing skills to represent justice. there is a chevron and 13 stars which represent the 13 original colonies and underneath the emblem is a key which notes treasuries of official authority. if confirmed, we will be entrusting mr. lew with the authority to oversee america's financial system and economic policy. he will play a critical role in the upcoming debates on spending priorities. we will be relying on him to ensure government and finances are sound. we will be asking him to work with us to return stability and
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confidencconfidenc e to our economy. we will be asking him to work with us to ensure the united states remains a great world power in this competitive global economy. it is a great responsibility he has, one in which i believe mr. lew will live up to. adam president 224 years ago this body, the united states senate, prove the first cabinet position in this young nation unanimously approved alexander hamilton to be the first secretary of the treasury. i ask my colleagues to confirm mr. lew today, the nation's 76th treasury secretary so he can get to work and help us strengthen our economy. thank you madam president. i yield the floor. >> the senator from utah. >> madam president i want to
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speak on the nomination of mr. jacob lew to the secretary of the treasury. this is really an important nomination. with the still struggling economy and are growing fiscal problems the next treasury secretary is going to have a lot on his plate. that being the case we worked on the finance committee to set mr. mr. lew to examine his background and credentials and provide a complete picture of his qualifications for this post. i would like to offer a few comments about the review process and what we have learned and the reservations about the nominee that remain with me now that this process is complete. madam president let me begin by saying a few words about the process itself. for well over a decade the finance committee has followed a specified or seizure when considering executive branch nominations. sadly that procedure was not followed in the case of mr. lew. after publicly announcing his nomination the white house waited 26 days before submitting any paperwork.
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that was in a typically long-delayed and in addition slowed the vetting process. it ensured mr. lew would not be confirmed in time to prevent a vacancy at the treasury department. the nomination hearing was scheduled to be held on for 12 calendar days after the paperwork was received even though the nominee had not yet answered all of the questions that were submitted to him. that is simply not the way our process has worked in the past and the undue haste seriously hampered her ability to thoroughly examine mr. lew's backgrounded called occasions. vacations. once the hearing was completed as is customary members of finance committee submitted written time anonymous administration sources have decided to cried the notion that
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the members of the finance committee had the audacity to ask hundreds of questions of mr. lew is part of their constitutional advice and consent responsibilities. madam president let me be clear. i will vigorously defend the right of any member of congress regardless of party to ask questions of nominees until they are satisfied that they have obtained all the relevant information and especially in the case of the treasury secretary which is one of the most important assignments in our government today. and it has been. we go all the way back to the time of alexander hamilton and we know what he meant to this country and establishing the financial system of this country and the secretary of secretary of treasury. in the case of mr. lew there were several reasons why he ended up being asked numerous questions. first the nomination process as i mentioned was abbreviated due to the haste of the administration. that meant the questions which
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in the ordinary course of business could've been resolved through discussion have to be asked in written form. second ,-com,-com ma due to the general unresponsiveness of the administration to request information over the last few years there is a pent-up demand for information and any semblance of responsiveness from the executive branch. third, mr. lew's responses to many questions have been opaque. he has dissembled often end up being the case it seems the only way to get answers to straightforward questions was to continue to ask for clarifications in an attempt to break through the wall of ops this case and shin bet mr. lew constructed. i have no doubt they could've answered most of these questions and much less numerical form than he did. even after extensive questioning there remain several serious concerns with mr. lew's background his lack of
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responsiveness and the evasive manner in which he answered many questions that were posed to him. unfortunately many of these concerns will go unaddressed and mr. lew seems to be following the stonewalling strategy as so many officials in this administration in the obama administration. for years not in stretched officials of gone out of their way to be unresponsive to information requests from congress and that is simply unacceptable. far too often legitimate inquiry submitted to the executive branch go unanswered for months at a time. requested deadlines are discarded and indeed in some instances information requests are ignored entirely. when responses are given substantive questions are giving meaningless answers. this has gone on far too long and it has to stop. mr. lew for his part has promised me that he would be responsive to inquiries submitted by members of congress and while his answers to questions throughout the confirmation process can be
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reasons to doubt his commitment of being responsive i intend to hold them to that promise moving forward. i believe he's an honorable man and he will try to do this. madam president i would like to take a few minutes to address some additional sensitive concerns i have about mr. lew his background and qualifications for this post and that have been raised. let's consider mr. lew's citigroup years. you as managing director chief operating officer of two units, pueblo mill wealth management and citigroup investments. he has claimed repeatedlrepeatedl y that while management, directing and operating those citigroup units he essentially undertook backroom operations like firing people moving space integrating office systems eliminatieliminati ng redundancy and things of that nature.
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mr. lew has stated he did not design financial products and citigroup are made portfolio decisions or in his words opine on investments. in fact when asked about investment products that were marketed and sold by the city -- citigroup units that he oversaw he couldn't remember any specific details. it has to be noted that some of those investments ended up generating enormous losses for investors. for example funds which were marketed, sold and managed by the citigroup units that mr. lew oversaw ended up being the subject of lawsuits and successful arbitration claims where success was based, where success was based on investors convincing arbitrators that the funds were misrepresented and mismanaged by citigroup. the losses of these firms numbered in the billions. in fact some financial by she's a citigroup protested internally
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that the misrepresented securities caused enormous damage to city -- citi's or vacation pay one of his bosses argued on the investors and stock rise and bottom line by saying that the investors had been wrong and should be made whole. he was subsequently fired. for movie information i have seen mr. lew did not similarly standup while on wall street. perhaps that is because he did not know what was going on in the firm or at his firm. we don't really know. it's not the fact that the funds in question led to probably the largest losses in the history of the units that mr. lew oversaw. mr. lew claims he cannot recall anything about them. if you ask anyone familiar with one's and the controversy surrounding them they will tell you that you would have to have been away on a deserted island
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island to not have heard about the problems that these funds based yet once again mr. lew continues to deny having any memory of of them. at the same time mr. lew claims that while he was a citigroup he learned a lot about financial markets and the dangers of risk. indeed he cited his experience a of city as a qualification to the treasury secretary even though he appears to have little recollection about any of the actual details of his work at that time or at least the financial details. the question remains how could mr. lew operate, manage and direct units and be in charge of staffing decisions without having any knowledge of the financial products that were marketed sold and managed by these same units? there remains unclear. had there been a traditional vetting process perhaps we could have gotten to the autumn of this mystery. as it is we are only left to speculate as you can see.
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in addition to mr. lew's knowledge of some of the high-profile failures of the units he was overseeing, there are legitimate concerns relating to his compensation while at citigroup. on january 29 of 2009 president obama made remarks about wall street saying that institutions were quote teetering on collapse and they are asking for taxpayers to help sustain them unquote. the president also remarked on wall street bonuses at the time saying quote that is the height of irresponsibility and its shameful unquote. about wall street executives he said quote there will be a time for them to get bonuses. now was not the time unquote. he referred to wall street donors is as quote obscene unquote. in late 2008 in early 2009 american taxpayers provided over $45 billion, that's what the b, and direct assistance to
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citigroup and hundreds of billions of citigroup assets. at the same time in january of 2009 mr. lew reportedly received over $940,000 in compensation. most of which was a bonus for work performed in 2008 when citi was on the verge of collapse. the bonus came a day before the city received another infusion of billions of dollars of tax money to prop the company up. that was the day before citigroup received the infusion of billions of dollars that he got that bonus. there is at the very least a contradiction between the presidents rhetoric with regard to wall street in his decision to appoint mr. lu to be treasury secretary however rather than acknowledging any such contradiction mr. lew simply told us all his compensation was in line with what other similarly situated executives
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receive. as i've said before that justification seems a bit like saying gee dad everyone is doing it. unfortunately that type of reasoning is exactly what led to the financial crisis. in addition in one agreement that mr. lew had with citigroup stated that his guaranteed incentive and retention award would not be paid upon his exit from citigroup. however there was an exception indicating that he would receive the compensation quote as a result of this except in so the full-time high-level position with united states government or regulatory party unquote. it remains unclear how this exception is considered, is consistent with president obama's efforts in his own words to close quote window to carry special interest influence in them out of the government unquote. and as it has been widely
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reported during the course of our vetting process we found while you was a citigroup citigroup mr. lew actively chose to invest in the hedge fund has served as a venture capital like fund that invests it primarily overseas. but funds that mr. lew invested and was based in the cayman silence at the infamous eglin house in so many democrats have viciously decried as a tax haven. impact in 2008 all campaigning for president then senator obama said that it was quote either the biggest building in the world or the biggest tax scam in the world unquote. throughout the 2012 campaign president obama repeatedly attacked mitt romney for having funds invested in the caymans and if i recall correctly, and that romney's funds were antitrust that he had no control
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over. in may king such investments governor romney was in the works of the obama campaign betting against america. one can only wonder whether while serving as white house chief of staff for obama mr. lew supported this line. once again mr. lew has repeatedly refused to acknowledge any contradiction or hypocrisy between the presidents rhetoric and his own actions defending himself only by saying that this investment was done legally and transparently. i think the same probably could have been said about governor romney's investment as well that was in a blind trust. the contrast between the presidents past financial activities and individuals and mr. lew's participation in those activities are striking. yet we are now essentially been told that people should do as administration officials say they did.
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in addition to concerns about mr. lew's record have serious disagreements when it comes to policy. for example in response to written questions mr. lew backtracked from the ministry since previous position on the need for entitlement reform. at one time common sense reforms like raising the medicare eligibility age for on the table for the obama demonstration. such ideas have apparently been discarded by the president and mr. lew has made it clear that he shares that discarding position. as the social security and medicare trustees the treasury secretary cannot simply wish away the problems with our entitlement programs. if he is confirmed and i believe he will become mr. lew will be tasked with addressing these problems. sadly it appears he will be another voice in the obama frustration against taking meaningful action on
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entitlements and in favor of higher taxes to repetitive theme that at least all of us republicans are getting very sick of. and the use of the word talents, my gosh. madam president i think i've made my concerns about the nomination very clear. that being said i've always believed that whoever is president including our current president, who i like, and it president really regardless of party is owed a certain degree of deference when choosing people to work in his administration. therefore though i personally would have chosen a different person for this position i intend to vote in favor of mr. lew's confirmation. obviously my vote in favor of mr. lew comes with no small amount of reservation. and i don't fault any of my colleagues for choosing to vote against him. indeed i share the same concerns.
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as i mentioned earlier mr. lew has promised to be responsive to to members of powers and their requests for information. i expect them to be responsive to the senate finance committee. and to the republican senate finance committee as well as the democrats. he is also promised to work in a bipartisan manner to address the problems facing our nation. i believe that mr. lew can and hopefully will do that. my hope is that he does not fear those promises as merely boxes checked off on the way to the confirmation. madam president if confirmed mr. mr. lew will be the secretary of the treasury of united states and not the secretary of the obama treasury. although indirectly he will be. his first job is united states of america and he might have to argue strenuously against some
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of these administrations or the white house positions on financial matters. and treasury matters. it has to work for all of the american people and not simply one political party. if he does those things i will be willing to work with him all the way. and i have to say i expect him to. i expect him to be the honorable man that he has told me he is and that i believed him to be. otherwise i could not vote for him. especially under these circumstances. however have to say that if he fails to live up to the promises he has made and if he uses his high power position in the administration to attack political opponents i will personally be sorely disappointed and horrified and if that ends up being the case he will have no greater
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adversary in the senate. i don't want to be an adversary. i want to help them turn this country around. i want to be an asset to him and i want him to be an asset to our country down there and appear end up here when he comes up. again my concerns about mr. lew i hope that he and the president take note that i am bending over backwards in displaying efforts to the president's choice of treasury secretary. this gesture i hope will not be in vain. i can contrast mr. lew's position when he worked in the clinton administration. many republicans felt that he was a straight up guy and i was one of them and i've suggested to him that we would like to see that type of person manage our treasury and the partisan person we have seen in the last couple of years. it is true the position that he had at the white house was a
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partisan position and i make great allowance for that. i personally like this man and i personally believe he is a good man. but i also believe sometimes we can get so caught up in politics that we don't do what we really know what we should do. i'm i am hoping he will and i believe he will end if he does he's going to have a lot of support from me. i want to thank my chairman of the committee who has always been very honorable and very straightforward and i understand a lot of the pressures that he has had throughout this process. having been chairman and a number of times myself in the senate. so i want everybody to know that this is important position. this is an important human being and i hope he lives up to all that he has confessed to live up
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to. madam president i yield the floor. >> host: keith laing correspondent for the hill thank you for joining us this morning. what is the big headline in terms of how transportation might be affected? >> guest: that is up for some debate in congress right now. the obama administration has raised the ire and raise the specter of flight delays and longer lines at tsa and have kind of made this one of the ways they have tried to illustrate the impact of sequestration has an and republicans in the house have said that they are raising false alarms and there are other places that the faa can cover the tsa can cut before they go to the air traffic comptrollers or airport security screenings. >> host: a headline that keith laing wrote for the hell
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transportation blog. as a question will produce chaos at the nation's airports. so what are we talking terms of jobs getting cut in funding? what is the white house wanted to happen? >> guest: the white house is that the faa will have to cut $600 million from its budget and they have said they would have to go, the cuts would have to go far is air traffic controllecontrolle rs because they are the bulk of the 47,000 workers. this is different than the faa shut down a couple of years ago when the administration took pains to stress that air traffic safety would not be affected and now they are saying that they are going to keep the same level of safety but they may not be able to move planes as quickly. >> host: wilsey see questions about tsa. that is not under the mental of the transportation department. it's that department of homeland security but it still could impact flyers experiences. >> guest: they would have to
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furlough their employees for up to seven days this year if they have to do the same cuts. homeland security secretary janet napolitano was in the white house press briefing this week warning that you could see lines at tsa checked once in major airports up to four hours long in places such as new york and los angeles. >> host: fewer flights if sequestration hits so keith laing how much do we know about when things would happen? >> guest: we don't yet. these cuts would take effect on friday and then we would have to see how these agencies respond to their cuts. the administration has asked all the federal agencies to be prepared to cut as much as 8% from their budgets which would be across-the-board to make up the domestic portion of the 85 billion-dollar cut. >> host: what is the republican response? is their pushback in terms of questions about how much this
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would be felt? >> guest: the republicans are saying that all these agencies could stand to tighten their belts a little bit in these cuts don't have to get straight to the heart of their operations. the house transportation chairman bill shuster was on doing an interview yesterday and he said that the faa could cut their budget for attending conferences and general travel before they go to cutting air traffic comptrollers. >> host: how is the white house been getting out their message in the past couple of weeks? >> guest: they have had a cabinet secretary come out in a press briefing every day, transportation secretary ray lahood was an unexpected guest on friday and they are using the cabinet members to raise the profile of these warnings they are issuing. >> host: you mentioned the critics say the faa's budgets increase while domestic flights have dropped since the post-9/11 era so how do those numbers drago -- juggle out?
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>> guest: the tsa has added 3000 workers according to republicans on the hill and they say the level of flights have been static. the faa has this mentioned 47,000 workers. they have been being pressured by congress to shutter some little used air-traffic towers and they have been trying to get those numbers to them. >> host: "the new york times" shows a monitor at an air-traffic tower in los angeles and you can see air traffic in the united states one.preplan. it airline officials fear one result of a sharp cut in federal spending could be flight delays and cancellations. keith laing we see concentrations in the major metropolitan areas of the country. his is one of the departments that would have cuts that are felt more regionally? >> guest: that is probably
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fair to say. the faa released its state-by-state impact of where these cuts would be felt that the administration is concentrating on the densely populated areas with heavy traffic, the new york market for and since has three airports that would have a ripple effect on air travel through the rest of the country of those flights are unable to be directed quickly. >> host: what do we know but furloughs? how would they be implemented and do they have the same 30-day notice to be given before they would kick in? >> guest: yes, they do. the faa said right now they would have to do it one day pay. not for their air traffic controllers and it could be as much as two. they have not finalized the numbers being used by the republicans to argue their fudging the numbers a little bit pasco our guest is keith laing transportation reporter for the hill and he manages the hill blog for transportation report.
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president obama and congressional leaders today dedicated stature statue of rosa parks in the u.s. capital. the first african-american to be honored that way. congress authorized the statue in 2005 shortly after she died. we will show you that ceremony in a few moments after a short talk with the statue sculptor. >> host: rosa parks civil rights leader and activist will
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be commemorated in a statute that will be unveiled today in the capital. here now to tell us more about the sculpture in the process is eugene delp. good morning and thanks for talking to us. tell us how you are selected to create this piece. the sculpture of rosa parks. >> i'm sorry ,-com,-com ma repeat that. >> host: how were your firm selected to create the structure? >> guest: it was decided by the nah or the nea, i'm sorry and it was a national competition. i believe there were over 150 entries and then it was narrowed down to five finalists. those five finalists competed and that is how we ended up getting it. >> host: this will be in statuary hall in the capitol building paradigm reading from the l.a. times and it says the first full-size statue of an african-american in a capital collection in more than 180 statues.
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what do they mean to you to create a? >> guest: first of all is the first african-american woman in statuary hall in the capital of statuary hall. i think there is one other in the capital. but it is a tremendous honor and privilege to have done this and i am very excited about today. >> host: we will see the unveiling in a couple of hours at 11:00 a.m. and c-span will be sharing that. the president will be in attendance and leaders in congress. what did you learn about rosa rosa parks when you were going through the creative process? what did you want to communicate through your p.'s? >> guest: quiet strength and dignity, sort of a determined look but not anything unpleasant or challenging. just a quiet determined person who has a tremendous amount of courage.
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>> host: and of course the story from the l.a. times reminds us that rosa parks made history back and i did 55 by refusing to move to the back of the bus and she is making history again this week when her statue was unveiled in the u.s. capital. we haven't gotten to see the finished product yet until the unveiling in a few hours. what were the logistics involved in getting it across the country from california where you work and getting it set up at the q.'s. >> guest: my partner came out several days ago to coordinate the moving of it and she was in a warehouse in a crate for a while in washington. i wasn't here but i saw some photographs of a large crane. she weighs 2700 pounds so they lifted her up with one of those long extension cranes, narrowly guiding her into statuary hall. >> host: and eugene daub your
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firm has done other sculptures. any significance in your experience as this one? >> guest: i don't think there is any as high-profile as this one for sure. we have done jefferson and lincoln and lewis and clark and a lot of other wonderful famous and important people but for some reason rosa just creates a stir and i think it's timely with black history month and her 100th anniversary that she is is -- everybody loves her right now and remembers her. >> host: eugene daub sculpter of the rows of parked statute. his firm's piece will be unveiled in statuary hall at 11:00 this morning as we mentioned tiered leaders of congress and president obama will be on hand. thank you so much for talking with us today. >> guest: thank you.
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[inaudible conversations] >> ladies and gentlemen please welcome our honored guests, members of the united states house of representatives, members of the united states senate the speaker of the united states house of representatives and the president of the united states. [applause] [applause] ladies and gentlemen the speaker of the united states house of representatives, the honorable
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john boehner. >> everybody can take a seat. thank you. [applause] good morning and welcome to the united states capital. this is a red letter day for the american people and i'm glad that you are all here and are taking part in the celebration. since the era of reconstruction this chamber which once was the hall of the house of representatives, has become home to statues sent by the states. today we gather to dedicate a national statue of the late rosa louise parks in recognition of her many contributions to this nation and to the cause of freedom. it's the first statue of an african-american woman to be placed in this capital. [applause]
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[applause] we are honored today to be joined by the president of the united states and members of his administration. [applause] this is a homecoming of sorts for ms. sparks who for more than 20 years was an assistant to representative john conyers of michigan. [applause] i want to thank all the members of congress that are here and all who worked to make this day possible. also with us today are eugene
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daub the sculptor and dr. robert furman the co-designer of the statue. [applause] i think it's safe to say that this wasn't just any project in these gentlemen certainly rose to the occasion. gentlemen, please stand to be recognized. to unveil the statue we will be joined by sheila keyes and elaine steele a longtime friend. [applause] elaine steele and longtime friend of ms. sparks and co-founder of the rosa and raymond parkes institute for self development. thank you both for joining us and thanks to all the civil rights guest who honor us today with your presence. every now and then we have to step back and say to ourselves,
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what a country and this is one of those moments. because guess all men and women are created equal but as we will hear during the ceremony some grow to be larger than life and to be honored as such. welcome. [applause] >> ladies and gentlemen please stand for the presentation of the colors by the united states armed forces color guard and singing our united states national anthem and the retiring of the colors.
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[background sounds] [background sounds] ♪ oh say can you see ♪ by the dawn's early light ♪ ♪ what so proudly we hailed ♪ at the twilight's ♪ ♪ last gleaming ♪ whose broad stripes ♪ and bright stars ♪ thro' the perilous fight ♪ ♪ o'er the ramparts we watched ♪ ♪ were so gallantly streaming ♪ and the rocket's red glare ♪
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♪ the bombs bursting in air ♪ gave proof thro' the night ♪ ♪ that our flag ♪ was still there ♪ o say does that star-spangled ♪ banner yet wave ♪ o'er the land of the free ♪ and the home of the brave [background sounds]
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>> ladies and gentlemen please remain standing as a chaplain in the united states senate doctored barry black gives the invocation. >> let us pray. oh mighty god, sovereign of our nation and lord of our lives, thank you for this opportunity to place a statue and the u.s. capitol building that honors a gifted, courageous and talented woman, rosa louise parks.
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we praise you lord for infusing her with the resolve to sit down so that millions could stand up, helping to launch a nationwide effort to woo and the segregation of public facilities. we are grateful for her commitment to bring deliverance to those held captive by in justice, to restore the site of the ethically and morally blind and to bind the wounds of those bruised by this sins of omission committed by good people who failed to act. may her life and legacy inspire
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us to courageously tackle the challenges of our times, laboring to ensure that justice will roll down like waters and righteousness like a mighty stream. we pray in your sovereign name, amen. ..
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>> ladies and gentlemen, the statue of rosa parks. [applause] [applause]
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>> ladies and gentlemen, the united states army chorus ♪ ♪ ♪ ♪
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♪ [music playing] ♪ ♪ ♪ [music playing] ♪ ♪ [music playing] ♪ ♪ ♪
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♪ [music playing] ♪ ♪
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♪ [music playing] ♪ ♪ ♪ [music playing] ♪ ♪ [music playing] ♪ ♪ [music playing]
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♪ ♪ [music playing] ♪ ♪ ♪ ♪ [music playing] ♪ ♪ ♪ ♪ ♪ [music playing] ♪ ♪ ♪
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[music playing] ♪ [cheers] [applause] [cheers] [applause] >> ladies and gentlemen, the assistant democratic leader of the united states house of representatives. [applause] >> thank you. thank you, mr. president. speaker boehner. speaker nancy pelosi. friends and colleagues, ladies
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and gentlemen. this is a good time and a great place to honor the most honorable woman. this year marks the 150th anniversary of the signing of the emancipation proclamation, the start of freedom for many. this year is also the 50th anniversary of the march on washington. it had such a role of questioner human dignity. the first lady of civil rights, rosa parks, the mother of the movement, and a saint of an endless fight. however we wish to refer to her, this fight, forever ordained,
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she is an icon of our nation struggles to live out this declaration that we are all created equal. one hour ago, i sat across the street witnessing before the united states undreamt united states supreme court. much of the progress that has been made we need to honor. the movement continues. but this is not over. we must honor rosa parks in the fullest manner. each of us must do our part to protect that which has been
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gained. what has been obtained and what will be continued for her pursuit for a more perfect union. [applause] [applause] >> ladies and gentlemen, the democratic leader of the united states house of representatives, the honorable nancy pelosi. [applause] >> members of congress, distinguished guests, thank you, mr. speaker, for making this day possible in the supreme court
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earlier this morning. mr. john lewis is holding this ground. it is an honor to serve at the will and the congress of the united states. mr. john lewis. [applause] >> it is a joy to bring undreamt be here. when rosa parks was a baby, her mother saying her the hem, "oh, freedom, let it ring." it became the freedom of her life and the mission of her life. she said she would like to be remembered as a person who would like to be free and wanted other people to be free as well.
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this is not the first time her greatness has been recognized here. she has many connections to congress and she is no stranger to these halls. she was recognized with the congressional gold medal and the title of modern-day mother of civil rights movement. she had such a quiet strength and pride and dignity encouraged. that was a great day. she had personal connections to the house come as the speaker mentioned, for 18 years. she was an assistant to john conyers. [applause] >> they work together to advance civil rights and equality. we always ask about stories.
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john conyers met her when he was just out of school and he was traveling south to join the civil rights movement after law school. he met her then. she worked on his first campaign, and she would later become his first congressional higher. his first-person that he hired on his congressional staff. pretty soon, people were visiting his office to see rosa parks and not him. [laughter] >> in fact, he was invited all over the country in her honor. how about this, mr. president, one day she went to him and she said she wanted to thank him for allowing to be honored and because of the leadership of the congressional black caucus, and
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those that are so influential, rosa parks is the first woman to lie in state at the rotunda of the capital of the united states. [applause] from her birth, when her mother same "oh, freedom, let it ring", she would've been proud to see her baby be honored by two presidents at her passing. and also future president barack obama. [applause] imagine that. [applause] >> i had the privilege of speaking at her funeral as well. but what can you say in the company of that greatness. >> we are so pleased to have rosa parks be part of the
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capital of the united states. [applause] [applause] >> the legislation passed. that funeral was november 2, and on december 1, president george w. bush signed into law. [applause]
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fifty years to the day that rosa parks sat down on the bus in montgomery, alabama. fifty years to the day. [applause] rosa parks would feel right at home in the presence of many other american heroes. [inaudible] her son could not be here, but he said that i could share these
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words about her. he said that most of the time, change does not happen fast. most of the time, it happens bit by bit, little by little. one person's action with the other. rosa parks did what was natural. one person's actions inspired change. we will remember with admiration the simple act of a varied woman. a woman of many talents. by dedicating the statue, we honor her.
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we honor her inspiration of change. we honor her legacy and her leadership. may god bless. [applause] >> ladies and gentlemen, the republican leader of the united states senate. the honorable mitch mcconnell. [applause] >> mr. president, thank you for honoring us with your presence. thank you for being here. [applause] speaker boehner, leader harry reid, leader nancy pelosi, assistant leader james clyburn, members of the rosa parks family, distinguished guests and friends. we gather here today to remember a woman whose legacy has already outlived her time among us.
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and we honor her not only with our presence, but with this permanent reminder of the cause she embody. we honor her not only with other great people, but with such great memory. rosa parks may not have led us to victory against the british, she didn't give a single speech in the senate or the house, or blast off into space or point the way west. yet with quiet courage and unshakable resolve, she did something so important on a cold alabaman evening in 1955.
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she helped unite the spirit of america. which the founders so perfectly and courageously expressed in the opening words of the declaration of independence. with a form of government they still really only outlined in our constitution. for some, she served as an inspiration. as president bush put it, she set in motion a movement for
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freedom and equality, which is the reason we are here today. rosa parks is often are treated as an unassuming figure and a very quiet one. she lives in our collective memory in america and a pair of rimless glasses and her hair pulled back, neatly dressed in a simple hat and dress. steering stoically ahead in that famous photo as prisoner 7053. but we should not let that overshadow her tonight. this is a woman who paid her own way by cleaning classrooms at school when she was just a child. a woman who is determined to exercise their civic freedoms that she took the segregationist era literacy exam. a test that was keeping her and
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others from registering to vote. not once or twice, but three times. until she passed it. so today, as americans, we can reimagine rosa parks clutching her purse. in those tense moments. as montgomery city bus 2057 rolled down cleveland avenue. and we are reminded of the power of the simple act of courage. on an otherwise ordinary evening in montgomery, she did the extraordinary. in the process, they helped us discover something about ourselves. and also about the great capacity.
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we have made mistakes, but thanks to rosa parks, entire generations of americans, due to the changes she put in place, have been able to grow up in america and children of every race are free to fill their god-given rights. where this simple carpenter's daughter from tuskegee is honored as a national hero. what a story. what a legacy. what a country. thank you. [applause]
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>> ladies and gentlemen, the honorable harry reid. [applause] >> thank you. the united states is striving to ensure every american that is not only creating equaled by god, but treating equal as america shapes its future. as we struggle with the past, the past a past that we have learned from. this year we had two popular pictures win at the academy awards. the movie about abraham lincoln and the movie about a difficult
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journey to end slavery. >> i have a picture in the oval office and i will tell you why it is there. we have these wonderful military people who have served in the white house.
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[inaudible] he is an african-american and the picture was not a posed picture. it was a candid picture. it was also important to the rosa parks family. [inaudible] this angelic child, this child that is looking up the president of the united states and saying, this is just like mine. [applause]
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>> even today, after months and months, it causes me to shed a tear. to me and to us, it is an important reminder that although a journey is not over, this country has allowed us to live up to our principles.
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>> ladies and gentlemen, the speaker of the united states, the honorable john boehner. >> thank you for joining us in this wonderful ceremony today. in many ways, this statue speaks for itself. it is a blessing. here in the old hall, it reflects civil rights.
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>> sheet absorbed the gospel, listening closely to god, who she said was everything to her. from corinthians, we were all made to drink from one spirit. and the praise and praise for an unjust judge, until finally he sees her life. it is no surprise that rosa parks looked very far for courage, but she didn't have to look anywhere. she felt quite determined. she felt the determination come over her body. she said like a quilt on a winter night. you see, she is compatible with
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bravery. when we put god before ourselves, when we make in god we trust our motto, and our mission, [inaudible] >> [inaudible] >> the promise of america is clear for all to see.
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[audio problems] >> half a century ago, it would've been clearly improbable. it is my honor to accept into the capital arts collection, this statue of rosa louise parks, our lady of liberty for our times and all times. it is my pleasure to introduce the president of the united states. [applause]
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>> thank you. thank you very much. mr. speaker, leader harry reid, leader mcconnell, nancy pelosi, and leaders and leader james clyburn, friends and family of rosa parks. this morning we celebrate a mighty woman in courage. she defied the odds and she defied injustice. she lived a life of dignity and grace. in a single moment, the simple simple justice of what she did help change america and the
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world. rosa parks held elective office. she helped to use shaped this nation's courts. i think particularly the members of the black caucus. all of them for making this moment possible. [applause] that is what an alabama driver learned at december 1, 1955.
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twelve years earlier, he had kicked her off the bus because she entered through the front door and the back row was too crowded. he kicked her off the bus and it made her mad enough that she would recall that she avoided writing his bus for a while. when they met again this winter evening in 1955, rosa parks would not be pushed. she would not be pushed. he would threaten to have her arrested. she simply replied that you may do that. and he did. a few days later, she challenged
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the arrest. teachers, laborers, clergy, through the rain and the cold and sweltering heat. day after day, week after week, month after month walking miles if they had to, not thinking about the blisters on their feet and the weariness after a full day of work. driven by a solemn determination to affirm their god-given
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dignity. 385 days after rosa parks refused to give up her seat, the boycott ended. black men and women and children reported the buses at montgomery. newly de- segregated. they sat in the seat happened to be open. [applause] with that victory, the walls of segregation slowly tumble down. they began on that bus.
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long before rosa parks made headlines, she stood up for freedom and equality. fighting for voting rights. rallying against discrimination of the criminal justice system. serving in the local chapter of the naacp. yet, when we focus on that single moment on the bus. ms. rosa parks, alone in the seat, watching her purse, staring out a window. waiting to be arrested.
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the choices we make or don't make are very important. whether out of inertia or selfishness or out of fear or simple lack of moral imagination, we are so often spending our lives in a fight. accepting injustice, rationalizing inequity, tolerating the intolerable. like the passengers on the bus.
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we see the way things are. children hungry in the land of plenty. entire neighborhoods ravaged by violence. families affected by job loss or illness. we make excuses for action. we say to ourselves, it is not my responsibility. there is nothing i can do. rosa parks said there was always something we can do. she tells us that we all have responsibilities. she reminds us that this is how change happens. not mainly through the exports of the famous, but through the
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countless acts and anonymous courage and kindness. and responsibility of what is possible. rosa parks supported the tired feet of the dusty roads of those who walked through the streets of montgomery. she brought light to what had once been black. because these men and women that stand here today, it is because of them that are children are growing up in a land more free. more free and fair.
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a land who has discovered its founding freedom. that is why this statue belongs in the fall. to remind us that no matter how humble it is, just what it is that citizenship requires. rosa parks would have turned 100 years old this month. we would do well by placing a statue of her. but we can do no greater honor to her memory than to carry forward the power of her principal. may god bless the united states
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of america. [applause] >> ladies and gentlemen, the united states army corps. ♪ ♪ ♪ [music playing]
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♪ ♪ ♪ [music playing] ♪ ♪ ♪
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♪ ♪ [music playing] ♪ ♪ [applause] >> ladies and gentlemen, please stand as the chaplain of the united states house of representatives, reverend patrick convoyed, gives the benediction. >> let us pray. we give you thanks, almighty god, for your gifts to our nation in the form of rosa parks. you're good and faithful servant. one of the finest citizens of montgomery, she took a heroic stand by sitting.
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she is the course of human history as it is lived on our continent. it came to define the civil rights era, her cause was deep in the hearts of so many injustices. we are honoring her with a congressional gold medal, it honors the mother of the modern-day civil rights movement, we present this statue. as we leave this place, may we never forget the incredible bravery and sacrifices of those like rosa parks who call us to greatness as american citizens.
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give us the grace, oh, god, to remain vigilant in guaranteeing that no person in our great land should ever suffer injustice, like so many of our national heroes once did. amen. >> ladies and gentlemen, please remain at your in your seats for the departure of the official party, following the departure, guests are invited to pass the statue as they leave the hall. instructions will be following, and how to view the viewing line.
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[inaudible conversations] [inaudible conversations] [inaudible conversations] [inaudible conversations] [inaudible conversations]
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>> in a few moments, ben bernanke testifies on capitol hill. then the senate finance committee hears about the budget and economic outlook for the next 10 years. later, a hearing on school safety. coming up next, the automatic spending cuts set to begin on friday and a candid discussion on the effects that these cuts will have on domestic programs with adam smith. he serves as the ranking member of the armed services committee. and your e-mails and phone calls and tweets. "washington journal" is live at 7:00 a.m. on the c-span. >> i think that eisenhower handled the crisis so well.
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it was the fact that he was a very decisive man. he never made an emotional decision. he was an emotional man, but he never allowed his emotions to control him when big decisions have to be made. >> richard nixon reflects on his years as vice president to dwight eisenhower. part of american history tv's oral history on c-span3 on sunday at 3:00 p.m. >> ben bernanke was on capitol hill again on wednesday.
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as opposed to large automatic spending cuts, set to begin on friday. [inaudible conversations] [inaudible conversations] [inaudible conversations]
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[inaudible conversations] >> the committee will come to order. the chair now recognizes opening statements.
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we are talking about the spending cuts. in regards to economic growth in the last quarter, in other words, we appear to be mired in 1.5 up to 2%, 13% is the norm for growth, and clearly 4% is the potential. millions of lost jobs and hundreds of billions of dollars of lost revenue. we have to look at my constituents. they are concerned about how they are going to fill up their pickup trucks and afford groceries. the health care premiums have gone up. they are insecure in their paychecks and they are not getting ahead. many wonder where do we find the road forward?
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the federal reserve has led us to the monetary reserve outer limits. if one remembers that classic science fiction television program which episodes did not end well. they did not have happy endings. and i am afraid that this could prove true for the current policy. it creates considerable risk if the balance sheet is not the right time and right pays, if it is not handled, handled well, skyrocketing interest rates could take place, all of which could make us look nostalgically upon the jimmy carter era of
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this. all central bankers are familiar with as a last resort function. many of us believe that the fed is going way beyond that. including extraordinary measures of 2008, and the ordinary measures of 2013. what impresses me is not the mind of the person, but the result of the mind. we have many impressive minds. currently americans are not impressed with the results. i believe that that is because the economic challenges are physical in nature and not monetary. they cannot be solved by the fed. the reason that the nation is mired in this slowest recovery since the postwar era is simple. we have 853% increase in
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regulations and we tend to fall into two categories. those that create uncertainty, those that create other things. we have witnessed a spending spree, including the failed stimulus, from 20% of gdp to 24% of gdp. a $1.6 trillion tax increase has been imposed in many working families. under this president, more debt has been created under this president and under the first weighing in at $136,000 per household. so let's talk about a tale of two recoveries. deeper concerns where unemployment is higher, and it is similar in a financial nature. so they face a monetary policy
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that pushes it over 20%. yet because of pro-growth taxes for budget discipline, we lay much of the burden of foolish redtape with market capitalism and we witness one of the quickest and most powerful recoveries in the nations history. president obama in the u.s. senate can certainly profit from it. again today, our challenges of this regard are primarily fiscal. the chairman and many members will speak about the sequester and i have no doubt that our president is quite capable of designing the budget savings representative in such a way as to maximize pain to the american people. as a matter of fact, even after the sequester, the government outlay will be $15 billion more next year and 30% greater than when obama was first elected.
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to my right and to my left, they are spinning out of control, threatening national security and our children's future. i now recognize the ranking member for five minutes in a statement. ..
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>> and bold efforts with the federal open in market committee to bolster the conditions that stimulate lending and economic activity as part of job creation. with the potential risk of the quantitative leasing program i sincerely believe the central bank's action provided critical support
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for this nation's economic recovery. in fact, maybe one of the few tax to prevent the ongoing sue of retraction very fiscal policy. today and another cut the limbs with sequestration over the next two days. and then to downplay the impact of sequestration, the cbo estimates 750,000 jobs are a stake in 2013. the bipartisan policy center has a loss of 1 million jobs over the next two years. and george mason university put it at 2.14 million jobs from met it is my hope both republicans and democrats
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can come together to construct a more balanced approach while protecting the nation's ongoing republic since the great depression. i would use this opportunity that the a nervous talks with the financial crisis with the u.s. economy the gao found in particular this
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perspective on how the automatic spending cuts scheduled to take effect this week would impact our nation's recovery and growth mr. bernanke and members of the committee and chairman hensarling sees record setter done twice a year are taken seriously. as you know, , when iran for office, iran for office at the time hawkins was involved was a dual mandate come was the essence of the humphrey-hawkins act. we know he was concerned about jobs coming and he was concerned about monetary policy. because of that, and he
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worked hard with hubert humphrey to make sure jobs in monetary policy played an important role in the deliberation and debate and discussion with the united states of america. as we face sequestration we must understand the negative impact that these cuts will have on jobs and the economy. you being here today mr. bernanke is important. nobody knows better than you the impact of sequestration and in terms of our jobs in the country and the monetary policy you have creatively and expertly guided to help get this back on the road to growth and if not we would not have maintained this slow growth, as it may
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be, without air of leadership. i thank you very much and i yield back the balance of my time. >> the chair recognizes the chairman of monetary policy subcommittee mr. campbell for three minutes. >> will come mr. other chairman. you said yesterday and you will see to did you believe the short-term benefits of the current monetary policy elway the long-term risk but from the release of the fomc minutes there is some dissension on that view. i will join in the course of dissension with that viewpoint. i'd like to quickly details seven risks which together are exceeding the meager benefits of the current monetary policy.
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first there is one in high-yield bonds second if there was not a bubble there is a distortion of people pricing risk and wendy's and wind, they will create problems. third, i hear the major investment business strategy is don't fight the fed. that doesn't look better long-term vision are making decisions where markets will go but follow the directive of an agency that unfortunately has too great of a footprint in the economy today. this is not inject certainty but uncertainty with decision making in the economy today. that is number four. number five, retirees are forced into riskier assets for a yield.
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when the sun wines thistle be a problem for site -- our sabers. we learned early on take less risk as men get older but now they have to violate their principal in search of the elder taking much greater risk. number six, for every 1 percent interest rates on treasury bills go up it will add $1 billion of deficit to the federal budget. number seven, the federal reserve itself has risks with a large balance sheet and holdings. in this member's opinion, we have gone too far with monetary policy in and easing and it is time to pull back. >> i now recognize the ranking member for monetary
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policy and trade the gentleman from missouri. >> thank you for holding the hearing on monetary policy in the state of the economy also chairman bernanke for appearing today. the full employment and balance act of 1978 -- 1978 and as the humphrey-hawkins accept benchmarks of full employment, growth and production, price stability, and balance of trade and budget. to monitor the progress was full employment from 1978 mandated the board of the federal reserve present semi in new reports to congress on the state of the u.s. economy and the state's financial welfare. humphrey heart -- hawkins charges that the reserve is
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a dual mandate while maintaining stable prices. currently the annapurna rate is seven point* 9%, and down from eight point* 3%, still common millions in this country would like to work but cannot find work. consumer price inflation has increased as food and energy has increased. recent price increase of retell, gasoline has increased the cost of food. of factors play an important role to get america back to economic growth and prosperity and i look forward to chairman burnett these comments. i yield back.
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>> at this time we will welcome our distinguished witness one of washington's ablest public servants then bernanke the chairman of the board of governors of the federal reserve and he needs no further introduction. chairman you'll be recognized for five minutes without objection in the statement is made a part of the record after year or zero remarks. then each member has five minutes to ask any questions. all members, the chairman is a lot to exit at 1:00 p.m. so i will ride the gavel accordingly if you ask a question with 10 seconds to go do not expect an answer.
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i want to inform our members of republican cited you cannot ask questions you receive priority at the chairman's next appearance. please proceed. >> thank you. mr. chairman and ranking member waters i am pleased to present his semiannual monetary policy report will begin with a short summary of conditions and aspects of monetary and fiscal policy. since the last reported in mid 2012 economic activity has continued at a moderate and the uneven pace. gdp is estimated to a prison at the annual rate of 3% third quarter although it has been flat in the fourth quarter. the cause of real gdp growth does not appear to reflect the stalling out of the recovery. economic activity was temporarily restrained by
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weather-related disruptions than transitory declines and some categories of spending even as a manned by u.s. households and businesses continue to expand. available information suggest economic growth has picked up again this year. consistent with a moderate pace of economic growth conditions have been improving gradually. since july non-farm payroll employment has increased by 175,000 jobs per month on average in unemployment rate has declined at seven point* 9 percent over the same period. cumulatively private-sector payroll has grown by six point* 1 million jobs from the low point* in early 2010 and the unemployment rate has fallen two percentage points since the peak in 2009. despite says the job market is weak the unemployment rate well above millions
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when like full-time employment and are unable to -- only able to find part-time work. it has substantial cost natalie the hardship of the unemployed but the vitality and productive potential of our economy as a whole. think the periods of underemployment and unemployment erodes skills or prevent people from gaining skills and experience. developments that could significantly reduce earnings of a long-term. the loss of output in earnings reduces government revenue and increases spending there by leading to a larger deficits. the recent increase the gasoline prices is hitting family budgets. over overall inflation remains low. the second half of 2012 the price index personal consumption expenditures
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rose at annual rate of one point* 5% similar to the rate of increase the first half of the year. measures of expectation remains in a narrow range over the past several years against the backdrop we anticipate inflation over the medium term will run at or below the objective. with unemployment well above a normal levels to restore the mandated objectives requires a higher lee won a native policy normally a with the fomc fed funds rate on overnight loans between banks however as this rate is close to zero since 2008 the fed had to use alternative policy tools. they fall into two categories. first is for the guidance with the anticipated pass
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for the fed funds rate. december 2012 via phone see provided explicit guidance salad expects policy rate to respond specifically it indicated the current low range for the fed funds rate will go back be a program as long as the unemployment rate remains of a six 1/2% and inflation is expected to be no more than half a percentage point* of the long-term goal and long-term expectations are anchored. the advantage of the new formulation relative to the prior guidance allows market participants to judge exhortations accurately with a new economic outlook. the new guidance underscores the committee's attention -- intention to build a stronger economic recovery.
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the second type of nontraditional policy tool from the fomc is long-term securities which is intended to support economic growth by putting downward pressure on long-term interest rates. the fed has engaged in several rounds of purchases since 2008. last september the fomc said it would purchase mortgage-backed securities at a pace of $40 billion per month and then stated in december beginning in january it would purchase under term treasury securities at the initial pace of $45 billion per month. they replace the purchases we're conducting under then now program that links in the maturity of the program without increasing the size. the fomc has indicated it will cause substantial improvement in the context of price stability.
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the committee stated it is determining the size and pace and composition will take appropriate account of the efficacy and cost and in other words, the committee continues to assess the program with a cost benefit framework. is the current economic environment and policy accommodation are clear monetary policy provides important support while keeping inflation close to the objective. notably a sparks recover in the housing market leading to increase sales of automobiles and durable-goods. raising employment and household wealth, these developments have consumer sentiment for a highly accommodative monetary policy has risks that we're much during closely.
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for example, further expansion of the federal reserve balance sheet to undermine that accommodative policy of the appropriate time and inflation expectation could rise putting the fomc price objective times but the committee remains confident it has the tools necessary to tighten policy when the time comes to do so. inflation is currently subdued and expectation appears well anchored. the fomc projected the development of the pressures. another potential cost is a possibility low interest rates maintained for considerable time could impair financial stability. for example. managers may take on more credit risk or leverage. on the and and some risk-taking as the
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entrepreneur takes out a loan or firm expands is a necessary element of a healthy economic recovery. more overhung although it may have certain types of risk taking fish also served risk in the system by strengthening the overall economy but also encouraging firms to rely a long-term funding and reduce service cost for household businesses. the fed responds actively to financial stability concerns of the merging risks in the system. the approach to take a perspective and the ongoing implementation of reforms to make the financial system more transparent and resilience. although they pay close attention to this point* we do nessie the cost to be in
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some financial markets without weighing the benefits of a stronger economic recovery and job creation. another aspect of the policy is the implication for the federal budget and it earned substantial interest in the assets of faults in its portfolio in the other than the amount needed all income is remitted to the treasury. it has roughly tripled totaling $290 billion between 2009 and 2012. however if the economy continues to strengthen the accommodations these remittances would decline in the coming years. federal reserve analysis shows it could be low for a time particular if interest rates could rise quickly. however even in such
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scenarios it is unlikely purchases will remain higher. perhaps substantially. monetary policy promotes growth and job creation resulting in reduction of the federal deficit has a variation of remittances to the treasury. mr. chairman i have a couple more pages. should i stop? >> you should proceed. >> although monetary policy has more robust recovery would not carry the entire burden of a speedy return to economic health over the near term and long run but the challenges to put the federal budget on a sustainable path that promotes stability although not impeding the current recovery.
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a significant progress has been made recently to reduce the federal budget deficit over the next few years. the projections released indicate under current law the federal deficit will narrow from gdp last year at 2% from 2015. as a result the federal debt held will remain seven represented gdp through much of the current decade. however a substantial portion has been concentrated in near-term budget changes which could create a significant headwind. the ceo estimates the deficit reduction policies will slow the pace of real gdp growth of one point* 5% growth relative to what it would be otherwise. thises related to the sequestration scheduled to begin march 1st which will
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contribute zero .6% to the fiscal drag this year. given the moderate underlying pace and the near-term burgeon is significant. besides adverse effects of slower recovery leads to less actual deficit-reduction. of the same time it the difficult process of addressing longer-term fiscal imbalance has old only begun for of cbo projects as a percentage of gdp will rise in the latter half of the decade reflecting the aging of the population of health care costs. to promote the economic growth, a fiscal policy makers have to put the federal budget on a sustainable path the stabilizes the rate of gdp
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and eventually place is the ratio on the downward trajectory. between 1960 and the onset of the crisis federal that averaged less than 40 percent of gdp. was relatively low level of debt provided the challenges of the last few years. replenishing this would give future congress administration and greater scope to deal with unforeseen events. to deal with and long-term issues they should consider replacing the spending cuts with policies that reduce an inert more near-term subleasing the recovery will more effectively with the federal budget. it does matter of course, but not all are
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created equal with respect to the effects of the economy. in the efforts to achieve finances fiscal policy makers should not lose sight for those policies that increase incentive and encourage investment of work-force skills and private capital formation and research and development to provide infrastructure. although economic growth alone cannot eliminate imbalances short or long term and more rapidly expanding tie has with the fiscal challenges we face. thank you for your indulgence. >> i will recognize myself for five minutes. chairman bernanke ibm privately and publicly complimented you and the fed what you did in 2008 but from the opening statement i have a fear the the extraordinary has become ordinary and we need to
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examine the policies with a cost-benefit framework so briefly went to inquire robert riske benefits and costs for use of "the committee remains confident it has the tools necessary to tighten monetary policy when the time comes to do so. but germinating can no other predictions have not proven valid and in may 2006 you were confident we were missing an orderly decline in the housing market and in 2017 predicted "a soft landing for the economy, neither of which happened. the fed has been fairly off on the gdp program -- projections to months ago you said'' mec two months ago we overestimated the pace of growth. chairman bernanke i would say never make predictions
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especially about the future. i assume you will limit to being human and sellable. that causes some of us to question how much confidence we should have. and the gentleman from california pointed out is not just members of this committee but apparently the voices of doubt and dissent within the fed are growing more vocal. jeffrey lacquered said go back i think further monetary stimulus is unlikely to material increase the rate of economic expansion and these will test the limits of our credibility. bloomberg has reported charles prosser said he favored halting an additional bond purchases because the benefits are maker and there are lots of risk. richard fisher president of the dallas fed caught mackerel be asking myself what good would it do to buy
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more mortgage-backed securities are treasurys and we have so much money sitting on the sidelines sidelines, yet have no sense of direction for the of the -- future of the tax-and-spend policy and how could additional policy based derivative" end quote. i clearly believe you disagree with these fed presidents. is that correct? >> to examine the benefits of your courage policy here is the question that i have mr. chairman. according to fed data commenting sir sitting on one point* 6 trillion in excess reserves and third quarter 2012 nonfinancial corporations sitting on one point* 7 million of liquid assets arguably over

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